The Hindu Business Line
Exports in March to reach $32.38 b: Prabhu
India’s exports are expected to reach $32.38 billion in March, the highest in any month so far, on account of healthy growth in sectors such as pharmaceuticals, Commerce and Industry Minister Suresh Prabhu said on Wednesday.
He said exports will cross the $331-billion mark in the year 2018-19.
He said for the “first time”, India has crossed the $19- billion mark in pharma exports this fiscal.
The Commerce Ministry will release the trade data on April 15.
Prabhu said the country’s exports were declining for a long Suresh Prabhu, Commerce and Industry Minister
time, but now “this year, we would have record exports”.
The figures in 2018-19 will be the highest ever at a time when there is a worst scenario in the world trade front, he said.
Outbound shipments are growing because of concerted efforts by the Ministry in the last one year, the Minister said.
“We created a matrix between every product and every geography. Secondly, we had done series of road shows,” Prabhu said adding export potential was tapped in regions such as Africa and Latin America. The Ministry also held several meetings with the line ministries, including food, agri, pharma and IT Ministry, to resolve issues hindering exports.
The World Trade Organisation (WTO) on Tuesday said that the global trade will continue to face strong headwinds this year and in 2020 after growing slower-than-expected in 2018, due to rising trade tensions and increased economic uncertainty.India’s exports grew 8.85 per cent to $298.47 billion during April-February 2018-19.
US trade issues
Meanwhile, the Commerce Ministry, after consulting various departments like IT and agriculture, has made an offer to the US to resolve trade issues between the two countries, Prabhu said. The US is demanding greater market access for its agricultural, dairy products and medical devices. Besides, it is seeking reduction in import duties on certain IT products and increasing their exports to bridge trade deficit with India.
“We have consulted all the ministries and we have given them an offer,” the Minister said.